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Fortive: Matco Outperformed In Q2

Sales from Fortive Corp.’s Franchise Distribution business increased 1.3% to $154.20 million in the second quarter of 2019. The company noted increased demand for hardline, specialty and diagnostic tools. This was partially offset by declines in wheel service equipment. More specifically, Matco Tools Corp. came through with mid-single-digit growth, while Hennessy Industries turned in a mid-single-digit decline.

“Matco outperformed in the quarter, paced by strong growth in diagnostics and hardline tools,” Fortive President and CEO Jim Lico said on the company’s July 25 quarterly report conference call. “High teens growth at diagnostics was due in part to two new additions to Matco’s Maximus family of diagnostic products: the Maximus Flash+, which provides OEM-level live diagnostics expertise; and MaxFlex, a full-featured diagnostic tablet offered with a highly customizable monthly subscription plan.”

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